Shares of Juniper fall after guidance disappoints

Juniper Networks Inc.
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Juniper Networks shares fell Friday after the company reported a weak current quarter guidance. The company reported a fourth quarter earnings and revenue beat.

Shares of Juniper dropped nearly 7 percent in morning trade, but later recovered some of those losses. Still, the stock ended the day more than 3 percent lower.

The computer network equipment maker predicted lower than expected first quarter results. Juniper expected earnings to range from 38 to 44 cents per share, versus estimates of 46 cents per share, according to FactSet.

Revenue guidance was $1.20 billion, with a $30 million margin of error. FactSet estimated revenue at $1.19 billion for the current quarter.

"We believe we are successfully executing on our strategy to diversify our business and capture share in the cloud and cloud-enabled segments of our market," Rami Rahim, chief executive officer at Juniper Networks, said in a release. "Our innovation pipeline and product portfolio are strong and position us well as we head into 2017."

The tech company reported fourth quarter revenue on Thursday of $1.39 billion versus an expected $1.36 billion, according to consensus estimates from Thomson Reuters. Earnings came in at 66 cents per share, ex-items, versus an estimated 63 cents.

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